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Should the taxpayer help Fannie Mae and Freddie Mac out?
Published: 05 September, 2010, 10:55
Edited: 27 September, 2010, 03:35
Despite being handed billions of dollars in 2008, the two biggest US home loan agencies are still getting massive government handouts. Lori “The Resident” Harfenist asked New Yorkers if taxpayers should keep them afloat.
NO,Off-course !what has been the speech of USA in the past few years ? A: Markets rules anything and everything !so what is the point of helping "freddy&Fanny"?if not going against the stated policy governing for decades(saying about how some foreign lands is one thing;doing what you preached in those "advices to foreign lands" in your own country is totally an other one !)Artyom , you are probably more right than you can think,it is called by some economists "The cornered rat syndrome" as well as "Japanese syndrome" by some others basically it is when the situation has got so much out-of-hands that mostly any kind of moves made to "ease the crisis" instead of good results (even made in good-faith) makes only the problem worse .this is where macro comes playing fun with numbers : USA GNP depends at 75% on consumer's spending , to spend they need either cash or credits 1° problem :they are already drown into abyss of debts at all levels ,so new-credits may get real painful to get , if not to be paid!(fed lend for less than inflation but the "corpse" doesn't react:what conclusions can be made ?) 2° problem :cash = in order to get cash , they need well paid jobs :wages in the US are low,terribly low (compared to cost of life) in order to create more jobs , they need to reduce the costs (wages) but if they do so:more peoples will be employed with at the best the same purchasing power (with more chances to have less) or raise the wages , but it would push more to "unemployment roles" ! what is the solution ?kill the old manner of overspending, over-indebtedness , over-pride , over .... (you name it) by allowing such "barbarous relics of other age" to fail by erasing the debts of the owners who bought a "normal Home" (off-course the ones who have bought a castle on wages of fruit-pickers are to be excluded ...) put your pride in your pocket , send home the hundreds of thousands troops scattered all other the world !
No the taxpayer should not help them out. let them sink as they are responsible. If you have a company that has so called head a CEO who is responsiple for the running of the system and they manage do destroy the company, sometimes on purpose, as it allows tako over bids at rock bottom prices. The CEO is still responsible because they did not keep an eye on things. then are really the blame and those who collaborated with them. you see these days we have so called managers who are incapable of managing . they do not know how to think on their feet. Why should the poor tax payer be hit with the bill. I believe that the huge payouts given to the heads of the companies that fail should be given to the poor after all people would not be poor if there was not so mucg greed around they are poor because their little savings are striped from them by the existance of vial companies. Until people really start to look at what is happening around the world and to have a closer look at who is really causing the mess in their country, the people responsible will continue to get away with it. if we look at the USA and see how it has wasted billions of dollars on wars that will never be resolved and the shame and misery that has placed opon it's people. It has been mentioned that the USA economy will sooon collapse where does this put the rest of the world. better the rest of the world to look at other countries that are of a higher spiritual level of developement. Regards Ian
1) I don't think the tax payers can help them out as they are strapped for cash already. 2) They shouldn't be held responsible for poor management and practices of the said institutions. If I go on a spending spree and fall into debt, NO ONE will bail me out and let me keep my aquired assets!!! NO ONE!!! The government allows this with favored banks and other institutions, it is sad and criminal.